Kazakhstan’s Qarmet, formerly known as ArcelorMittal Temirtau, plans to increase its metallurgy production by 13% in 2024 and reduce coal production by 2%. This was announced by the company’s CEO Vadim Basin at a strategic session of Qarmet, which is taking place in Temirtau.
According to Basin, they expect metallurgy production to grow to 3.3 million tons, and iron ore concentrate to 2.5 million tons, which is an increase of 13% and 10%, respectively. However, they plan to reduce coal production by 2%. The director noted that the company had negative production indicators in 2023, but is now striving to achieve a positive result.
In December 2023, Kazakhstan’s state fund Qazaqstan Investment Corporation acquired shares of the ArcelorMittal Temirtau metallurgical enterprise and renamed it Qarmet. The new investor was Andrey Lavrentyev, an entrepreneur and chairman of the board of directors of JSC Allur Group of Companies. The deal cost $286 million. Previously, Arcelormittal Temirtau was the largest mining and metallurgical enterprise in Kazakhstan and was part of the Arcelormittal Group. In October 2023, an accident occurred at the Kostenko mine, owned by Arcelormittal Temirtau in Karaganda, killing 46 people. Kazakh President Kassym-Jomart Tokayev ordered the government to stop investment cooperation with Arcelormittal Temirtau following this incident.